Chinese property group Dalian Wanda has "announced plans for a clutch of new acquisitions and the formation of a financial holding company, as it extends efforts to branch out from real estate," according to Charles Clover of the FINANCIAL TIMES. The privately held company said on Monday that it would make six more acquisitions in non-property sectors this year -- "half of them domestic and the other half foreign" -- as part of a major reorganization of its businesses this year. According to the plans, posted on its website over the weekend, the financial holding company is to be one of four "pillars" or business units. Michael Cole of online real estate information service Mingtiandi said, "It looks like they're betting that the stock market crisis will be a blip, and that the government will get this under control." Wanda, China's largest commercial-property developer, plans to reorganize "four key business areas" -- finance, entertainment, commercial property and e-commerce -- into the four key pillars. The company has been on a "buying spree, snapping up acquisitions" including the U.S. AMC cinema chain, and this year a 20% stake in Atlético Madrid football club as well as Infront Sports & Media, which is run by the nephew of outgoing FIFA President Sepp Blatter. It "also has expressed interest in buying Hollywood film producer Lions Gate Entertainment" (FT, 7/13).
